Orkla sells its 40% shareholding in Hjemmet Mortensen AS to Egmont
Orkla has signed an agreement with Egmont to sell Orkla's shares in Hjemmet Mortensen AS for NOK 950 million
The agreement is subject to the approval of the relevant competition authorities.
In January 2008, an arbitration tribunal ruled that Egmont is entitled to acquire Orkla's shares in Hjemmet Mortensen AS. The parties have reached an agreement whereby Egmont is to take over Orkla's 40% minority interest for NOK 950 million.
In the second quarter, Orkla has received NOK 72 million in dividends from Hjemmet Mortensen AS for the 2007 financial year. The sale of the shares will allow Orkla to recognise a gain of over NOK 800 million, which will be presented under 'Associates' on Orkla's consolidated financial statements.
Since its establishment in 1992, Hjemmet Mortensen AS has achieved strong growth in sales and profitability and is now Norway's leading group in the magazine sector. Hjemmet Mortensen AS has a competent organisation and strong market positions, and thus has the best possible platform for continued success.
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